[throwaway42668]

I spent all of ZIRP while it was happening being bothered by this. It was insanity inducing to watch huge valuations and associated piles of money chasing the most banal and/or impossibly ridiculous ventures for YEARS.

I also used to tell many, many VCs to their face that the only reason they existed at all wasn't because they had any worthwhile insights into investing or innovation, but because tons of massive upstream capital & funds had a choice between definitely essentially losing money investing in bonds or probably losing money funneling it through their brokerage... er... venture fund. The world's least qualified kingmakers minting new American royalty, and we'll all be paying the price for it for decades.

To add insult to injury, now huge numbers of those alsoran VCs are pivoting into "deep tech" investing, and brining their inane-SaaS myopia and completely misaligned expectations along with them.